Current situation:
Have purchased one IP using loan with loans.com.au for 80% LVR.
Borrowed remaining 20% + closing costs (~$50,000) with Macquarie using my PPOR as security, which I owned outright. PPOR is worth $300,000 and I borrowed $150,000, then immediately put the difference into offset account with Macquarie. So am claiming interest from both loans against the investment property.
I would like to purchase at least another two IPs in the near future (and more in the future).
Possible financial structures:
a) Borrow additional money from loans.com using each individual property as security and use remaining $100,000 from Macquarie towards deposits. Would Macquarie let me do that? Do I need to tell them?
b) Use different lender/s for two new loans.
c) Revalue the investment property (purchased for $215,000, now worth $270,000) and borrow against that value, to pay off Macquarie loan then borrow 80% LVR of my PPOR to pay for one of the IPs.
d) Another structure I haven?t thought of yet.
My limiting factor will be servicing the loans, however this is a problem only on paper of financial institutions, because in reality, my partner earns a larger wage than mine, but we don?t want any property in her name to lower risk.
Would appreciate any advice offered as I am very new and have a lot to learn.
Have purchased one IP using loan with loans.com.au for 80% LVR.
Borrowed remaining 20% + closing costs (~$50,000) with Macquarie using my PPOR as security, which I owned outright. PPOR is worth $300,000 and I borrowed $150,000, then immediately put the difference into offset account with Macquarie. So am claiming interest from both loans against the investment property.
I would like to purchase at least another two IPs in the near future (and more in the future).
Possible financial structures:
a) Borrow additional money from loans.com using each individual property as security and use remaining $100,000 from Macquarie towards deposits. Would Macquarie let me do that? Do I need to tell them?
b) Use different lender/s for two new loans.
c) Revalue the investment property (purchased for $215,000, now worth $270,000) and borrow against that value, to pay off Macquarie loan then borrow 80% LVR of my PPOR to pay for one of the IPs.
d) Another structure I haven?t thought of yet.
My limiting factor will be servicing the loans, however this is a problem only on paper of financial institutions, because in reality, my partner earns a larger wage than mine, but we don?t want any property in her name to lower risk.
Would appreciate any advice offered as I am very new and have a lot to learn.